One of the most stressful and frustrating situations you can go through is when you need money to pay your bills but you don’t know how you’re going to get it. If you leave bills unpaid for too long, you can end up with late fees or even a lower credit score. However, there is a way for you to get a financial boost in hardly any time, and you won’t need to meet any minimum requirements as far as your income or credit score are concerned. With title loans in Tampa, all you need is a car that you own outright, with no liens on its title.
The loan application process may already be very fast, but here at Title Loans Tampa, we decided to make it even better and more convenient to help our customers. That resulted in our simple online application for auto equity loans in Tampa. You can go through that entire application here on the Title Loans Tampa website, and it only requires info that you probably already have committed to memory. Most applicants get through it within a minute at most.
The application starts by asking you for the following details about the vehicle that will be your title loan collateral:
• Make and model
• Body style
• An estimate of its mileage
Besides that, you’ll just need to provide the following contact information:
• Your name
• Your phone number
• Your email address
Punch all that in, click Submit and we can preapprove you for your title loan right away. Your vehicle details also allow us to figure out approximately how much it’s worth if it’s in good condition, and we can use that to calculate a car title loan estimate. One of our friendly Title Loans Tampa representatives will be following up with you in short order after you submit the form to guide you through the remainder of the process.
One common question we get from our borrowers is what type of items are necessary to get a title loan. After all, a typical bank’s loan application process will require the borrower to bring in some paystubs, tax returns and possibly other financial records. It’s much easier with title loans in Tampa. We only need to see:
• Your ID
• Your car
• Your car title (we keep this over your title loan’s term and return it upon full repayment)
As you’d expect from our name, the Title Loans Tampa office is located right here in gorgeous Tampa, Florida. We mention this because we know that when people search for title loans in Tampa, listings often come up for other lenders far outside the city, which can be frustrating.
Road trips can be fun, but not when you’re in need of quick cash. It’s a quick, easy drive to our office whether you feel like getting here via freeways or surface streets, and parking isn’t hard to find nearby, either.
Once you’ve arrived, the title loan process is a breeze, and most borrowers are in and out within an hour.
Here’s how it goes:
• The first step is filling out and signing the loan paperwork. A representative will help you with this. Make sure you tell them if you’ve already been preapproved for your title loan.
• Next is the vehicle evaluation. Using a vehicle value guide and performing a short inspection of your car, we assess its current market value, and then base the maximum loan amount on that value.
• The last part is getting the title to your car, and then we give you your loan money.
When it comes to title loans, the federal government has made 18 the age minimum, and that’s the reason that we need to check your ID before we issue your loan. Besides that, it’s up to each individual state to set its own title loan laws. Florida regulations cover title loans in Tampa, and fortunately for you, the state is very borrower-friendly.
Many states don’t put any limit on how high title loan interest rates can be, but Florida does, and they vary depending on the amount of the title loan. Here are the limits and the corresponding amounts:
• For the first $2,000 you borrow, the maximum annual percentage rate (APR) is 30 percent
• For any amount between $2,000 and $3,000 you borrow, the maximum APR is 24 percent
• For any amount above $3,000 you borrow, the maximum APR is 18 percent
Considering title loan APRs can hit 300 percent or more in other states, Florida title loans are an excellent deal.
The state sets term limits between seven and 31 days for title loans. The most common length is 30 days, and this is true not just in Florida, but in most of the United States.
Don’t worry if you’re short on cash at the end of our title loan’s term, because you can extend it by paying at least the interest. You take any unpaid loan principal amount into a new term, which will include a new interest charge. This obviously costs you more money because of the interest, but it’s much better than defaulting on the title loan.
Let’s talk about what happens in the event of a default. The state requires lenders to give you 30 days after you’ve defaulted on a title loan before they repossess your car, and the lender must also notify you about the upcoming repossession. If you catch up on your payments first, the repossess is averted.
Before a lender can proceed with selling your car, they need to give you 10 days’ notice. You can still get your car back by either paying what you owe or going to the car sale and buying it yourself. If your car is sold, the lender must send you any surplus amount beyond what you owed on the loan and reasonable expenses from repossessing and storing your car.